A data-based analysis is a strategy for companies that will help them make strategic decisions based on this analysis and interpretation of the same.
The principal focus for a company that wants to carry out this analysis is to improve the service of its customers, as it helps to promote different strategies and actions and even personalize the messages in front of its customers, thus improving the user experience.
What is Data-Driven Analytics?
Data-based analysis of data analytics (DA) consists of a process where trends and conclusions are sought that help the company in decision-making from a set of data obtained through different advanced technologies.
What is Data-Based Analysis For?
Through this data analysis, companies can generate more revenue, optimize marketing campaigns, improve operational efficiency, and improve customer service efforts. It can also be used to quickly respond to new market trends and gain a competitive advantage over the competition.
Depending on how this data-driven analysis is carried out, the data being analyzed may be based on new information or past data that is processed for real-time analysis. In addition, it is data that can come from both external and internal data sources or a mixture of both.
How Does Data-Based Analysis Work?
Data analysis can be divided into two types depending on the approach:
– Qualitative Data Analysis: This approach is more interpretive since it focuses on understanding the content of data such as text, audio, images, or video (not numerical).
– Quantitative Data Analysis: It consists of analyzing numerical data with variables that are quantifiable and that can be measured or compared statistically.
One type of data analytics is predictive analytics, which tries to predict customer behaviour, any errors, and other future events. Machine Learning can also be used for data analytics, using automated algorithms to analyze data sets faster than data scientists using conventional analytical modelling.
The general concept of data analysis has existed since the 1940s, but technological advances in the last few decades have led to an exponential increase in data production and resulted in OTT platforms such as Netflix or Amazon Prime, taking the lead based on planned strategies linked to data-based decision-making.
A clear example of how data analysis can take you to the top is Netflix, which is one of the fastest-growing companies with 30 billion dollars in billing and has reached more than 220 million subscribers to its streaming service. television on demand. Although today it is not going through its best moments, it will rethink new analysis and strategies in the face of high competition.
Like Netflix, you can also monetize your data and establish data analysis models that help your company make decisions about its customers and products with greater security and speed than your competitors. At JUMP Data-Driven Video, we are experts in data management for video player services. Advice and management that can give your company the greatest competitive advantage of all: knowledge of your clients and the sector.